Mike Smith
8 hours ago
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Ethereum is trading around $2,244 today after a sharp rebound from $2,150. The rebound started after a pullback near $2,620 earlier in the week and has turned into a key moment, with ETH trying to hold above the weekly Fibonacci level of 0.236 ($2,026). The price is currently sandwiched between the sellers' pressure zone and the demand zone, where market participants are looking to regain lost structure and move into a more comfortable range ahead of the June 24 date.
Analysis of the weekly chart shows that ETH is still experiencing resistance at the 0.5 ($2,744) and 0.618 ($3,066) Fibo levels. The current candle is trying to consolidate above the 0.236 level ($2,026), but a close below 0.382 ($2,424) indicates continued selling at mid-level pullbacks. On the daily timeframe, price has broken the previously sustained rising line and is entering a test of the lower boundary of the broad descending parallelogram. Primary support is now at $2,205 and key resistance is at $2,380, coinciding with the Bull Market Support Band and the Supertrend reversal.
The reason for the recent decline was the rejection of a chain of resistance: the EMA100 ($2,435), EMA200 ($2,482) and the middle Bollinger Band ($2,360). Failure to hold these dynamic levels led to liquidation selling and a correction to $2,120. The Supertrend indicator on the 4-hour chart remains in bearish mode below $2,382 and the -DI (DMI) is prevailing over the +DI, indicating sellers' dominance. At the same time, MACD is showing a weak bullish crossover and RSI on the 30-minute chart has recovered from the 35 level to 55.55, reflecting indecisiveness of the participants and lack of sustained upside momentum.
The key area to watch is the $2,260-$2,280 range. A breakout and consolidation above this area will give ETH a chance to test $2,333 (EMA20) and then move to $2,380-$2,448. This requires a significant trading volume and a confident exit above VWAP/SAR. A dip below $2,200 will invalidate short-term recovery patterns and price could head towards $2,026 (0.236 Fib). Deeper support is located at $1,958 (S4 monthly pivot) and then at $1,880-$1,490.
Given the varied signals on different timeframes, Ethereum volatility is likely to remain high. The coming final week of June promises to keep activity within the current channels. Only overcoming the level of $2,380 will give grounds to expect a change of trend and further rebound.
